AUD/JPY Meets Fresh Supply Near 80.50

AUD/JPY Meets Fresh Supply Near 80.50

17 May 2016, 13:14
Roberto Jacobs
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AUD/JPY Meets Fresh Supply Near 80.50

The bulls face exhaustion post-European open, sending AUD/JPY lower towards 80 handle, as a pause in the oil-price rally weighs down on the investors’ sentiment.

AUD/JPY testing support near 80.20

The AUD/JPY pair now advances 0.94% to 80.21, having retraced from session highs printed at 80.56 earlier today. The cross in the AUD/JPY pair trims gains, although remains strongly bid backed by persistent weakness in the yen amid risk-on rally in the global equities.

However, the cross failed to sustain at four-day peaks and edged lower this session as markets resorted to profit-taking ahead of the key macro events. The US CPI is due for release later today, while the GDP print from Japan is lined up for release tomorrow in the Asian morning.

AUD/JPY Technical Levels

To the upside, the next resistance is located at 80.88/81 (20-DMA/ round number) and above which it could extend gains to at 81.66/98 (May 2 & 3 High).To the downside immediate support might be located 79.53/52 (10 & 5-DMA) below that at 78.14 (multi-week low).


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